I have a 79 Malibu that is purely a fun car and do not drive alot but have noticed on a few occassions a drop or two what seems to feel, smeel and look like oil under my tail pipe. If it were oil would it or would it not be smoking out if the tail pipe?
check your mufler if it has oil coming out the weep hole then you may have issues. however you should be seeing a huge cloud of blue smoke when you step on it and smelling it when you decelerate. if you don't see or smell it obviously then there should be no reason for oil dripping from the tailpipe. also it shouldn't be possible for oil to come out as oil at all I think what you may be experiancing is a rich carbourator. the hydrocarbons from your pre 82 chevy are very rich and form water droplets laden with black silky feeling sooty carbon this car is considered a grosspoluter in most states and cities with smog testing. if it dries on your hand when it drips then don't worry. you could test it with a white sheet of paper. place it under where ou expect it to drip and if it does look to see if it bleads into the rest of the paper or if it stains the paper but leaves it dry after a few hours
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